Micron, the U.S. DRAM maker, has posted quarterly losses of $706 million, more than doubling previous estimates. The loss includes a one-time write-down charge of about $350 million for additional inventory supplies. The loss equates to a per-stock price of about $0.91, far above the $0.45 that was expected.

Said Gary Hseuh, an analyst at Oppenheimer & Co., “People just aren’t buying PCs right now. It’s not like you’ll sell more DRAMs at a lower price.” Sales were down 8.7% on the quarter. One year earlier, Micron had posted $262 million in profits, about $0.34 per share.

Micron joins Hynix, Powerchip, Nanya, Samsung and many other memory makers that were already suffering from an inventory glut in a now significantly downturning market. Hynix had secured about $600 million in government loans to maintain its operations. Powerchip Semiconductor, Taiwan’s largest DRAM maker, and Nanya have both received some “bailout money” as well. Samsung cut manufacturing in some areas for a couple weeks earlier this quarter in an attempt to decrease the inventory oversupply.

The entire memory industry is in a significant downturn. According to Micron’s CEO, Steve Appleton, following the trimming of 2,850 employees announced in October, there’s not much more the firm can do to reduce costs. It takes a certain number of people to create this technology, and they’re very close to the wire.